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Before I Sell My Gold, What Do I Need to Know?

Sell My Gold

If I want to sell my gold, what should I know? It’s a question that many owners of the precious metal often ask. If you’re unfamiliar with how to sell gold, here are a few things you need to keep in mind.

For instance, if you want to sell gold jewelry, it’s not always a good idea to try selling the unwanted pieces as scrap. When you’re selling items for scrap value, the value is based on the metal alone and not the historical value or quality of the jewelry piece. So often times when you have jewelry made from gold to sell, you could wind up losing as much as half of what you’d get if you were to sell it for its retail value.

However, not every jewelry piece will have a good enough retail value, such as a plain wedding band or simple chain necklace, and it would be better off being sold for its scrap value.

But even when you’re armed with this knowledge, you should still have a good idea of what your gold items are worth. You could easily have the items appraised if you know they‘re antique, but if the item isn’t worth as much as the appraisal fee, you could end up losing money.

If you have scrap gold to sell, an appraiser is usually unnecessary since the price is generally based on the melt down value of the item. Based on the current market value of gold, the gold buyer will buy your scrap gold at some percentage of the current market value of gold. (Dealers usually quote their prices in either ounces or grams. A troy ounce has 31.1 grams.)

Once the weight of your scrap gold items is determined, the dealer will then base what he’ll pay you on the going rate also known as spot price for gold and take a portion of the total price for their own profit before giving you a final quote. Generally a fair buyer will take no more than 30% of the total price and some may even take as little as 10%. Anything more than 20 or 30% should have you selling your valuables elsewhere.

One of the best places for selling unwanted gold are jewelry stores since they’ll likely give you up to 80% of the market value if your pieces are in good shape. Pawnshops are often not the best places to sell gold for cash since they don’t always offer a very fair price and are generally only interested in buying very low and selling high.

And finally, always remove jewels and other pieces that aren’t gold if you’re planning to scrap any jewelry. Businesses who buy scrap gold won’t give you any more for your jewelry items than what their metal value is worth, so you might as well make some extra money selling the jewels and non-gold items to another buyer.

Now that we’ve answered the question of, ‘If I want to sell my gold, what should I know,’ remember, to do your homework.

Selling Gold for Cash

Selling Gold for Cash

When all else fails, gold is always worth money. It’s worth more than diamonds or silver. Selling gold for cash is one way people have made money for years. And when times get hard, most people start thinking of things they can sell. Since most people have gold jewelry sitting around, that’s one of the first things they think about selling.

Unfortunately, selling unwanted gold is can be more difficult than you’d expect. There’s always someone wanting to take advantage of the situation. They’ll take advantage of your need to make a quick buck. Avoid falling for scams. Thoroughly research any company you want to deal with.

Be wary of companies that offer to buy gold through the mail. Sure, mailing in your gold and waiting for a check is easy. It’s almost too easy. You can’t believe everything you see in an online advertisement or in a television advertisement. If you do want to deal with one of these companies, research them first. Make sure they’re a legitimate gold buying business.

Another potential problem with selling gold through the mail is the waiting period. You have to send your gold, and wait for the company to verify that it’s real. After they verify your gold, they’ll send you a check for the amount they’re willing to pay. Do you have time to wait? And what happens if you don’t want to accept their offer? They will return your gold, but who knows how long that will take.

Perhaps you’ll be better off dealing with a local gold buyer in your area. A search in the phone book should reveal some local dealers who buy gold. Dealing with a local person would also put you more at ease. But don’t assume they’re legit just because they’re local. Research them just as you would any other business.

It should be relatively easy to get a response from a local dealer. Just give them a call and ask if they’ll look at what you have. Make an appointment for them to appraise your gold. This may or may not cost you anything. If you only have one or two items, the appraiser might do it for free.

There’s a chance your gold jewelry is not worth that much. Unless it’s an antique or a rare object, it probably won’t get you a lot of money. It would also have to be in good condition. You might just have to try selling scrap gold to get anything for it.

sell gold coinsOn the other hand, gold coins have the potential to bring in a lot of money. Coins are normally valued higher than gold jewelry. A rare coin can bring in hundreds of thousands of dollars.

When you’re selling your gold for cash, don’t feel like you have to accept the first offer you receive. It’s in your best interest to shop around. Some dealers will try to make it sound like you absolutely have to buy from them. They’ll try to convince you that you won’t find a better deal anywhere. Ignore them, and move on to another offer.